Posts tagged: e-payment

A brief history of Vietnam FinTech over the last decade

By , December 12, 2016 2:55 am

The first major event of ‘contemporary’ Viet FinTech was the birth of the then-competing three Bank Switchboards

Then there were OnePay, NganLuong, Payoo, Paynet, Webmoney, VTC Pay, Zing Pay…

I don’t have the ambition to list all players who joined the playground. We thus can skip through VNBC, NTT Data’s acquisition of Payoo, MobiVi’s successful funds raising series from players such as Experian, how BaoKim ‘borrowed’ from NganLuong, Paylink’s closure.

Key takeaway 1: The market consolidated even before it had the opportunity to fragment. It hadn’t taken long for Smartlink to take over the market before the merger (or reverse-acquisition) which subsequently hatched Napas.

Key takeaway 2: To base on bank or non-bank institution should not have even been a question to ask. Merchant-reliant payment solutions still need to run on top of bank-reliant gateways.

e-Payment is no longer stuck

e-Payment used to be a chicken-and-egg problem: no customer base no bargain power, no bargain power no business development. So chicken or egg?

This question, too, is irrelevant. Business development on merchant side must move ahead buyer base, the opposite doesn’t work. So the real question is: investment. A few deal-makers solved it beautifully, named Momo and PeaceSoft.

Zen?

If FinTech is as at today too ahead of Vietnam economy, should players zen down and wait till the economy catches up?

As much as we aspire to there’s only so much FinTech players can do to speed up the process. Educating users and banks is too costly even with deep pockets.

Then there’s politics.

Anything to do other than zenning and waiting for the retail banking market?

Considerations

  1. M&A and deal making.
  2. Optimize micro-transactions.
  3. Externalities and network development.
  4. Buy more time, slow down the cash burn rate.
    Fortunately, the market as in 2016 is not as harsh as “the last man standing wins” because players have found their respective verticals.
    Payment solutions are not only e-Commerce; big money is still cash management.
  5. The war against COD. The state of COD today was begun by NhomMua and Lazada. Tough but inevitable battle.
  6. Peer-to-peer financing.
  7. Key question: Strategic partnership with bank(s) is certainly a must, but how deep?
  8. Receiving investment, being a subsidiary (with all accompanying governance), being an associated company, integrate to the gateway, staying as a façade, what help to get from SBV, what help to get from MOF.
    Governance often chooses man not the other way around.
  9. Treading the thin line of symbiosis, avoiding irritating financial institutions.

Bucket seems full, am I deluding myself astray?

Image source: http://www.sbs.ox.ac.uk/sites/default/files/Entrepreneurship_Centre/Images/fintech-generic-phone.jpg

Nhu cầu mua hàng Thương Mại Điện Tử

By , December 16, 2015 8:39 am

Nhân dịp beyeu.com (backed by IDGVV & webtretho) để lại lời nhắn gây nhiều tranh cãi, tôi cũng bon chen tí.

Đối với Thương Mại Điện Tử và Thanh Toán Trực Tuyến thì tôi có 2 vai chính: (1) người mua hàng, (2) người làm đầu tư.
Ngoài ra thì còn (3) dốt công nghệ mà bị yêu công nghệ không bao giờ dứt được.
(2) + (3) => (4) đã từng làm một evangelist không mệt mỏi cho TMĐT & TTTT.

Giờ nói về vai trò (1) người mua hàng trước nhé.

Lúc một bạn đến gặp tôi làm khảo sát cho Visa, tôi có trả lời “khoảng 85% chi tiêu của tôi là qua TMĐT”, họ không tin.

Nhu cầu của MỘT người mua hàng:

1. Nguồn hàng

  • Đây là lý do chính nhất.
  • Đây là lý do tôi quyết định chọn mua ở dịch vụ nào.
  • Đây là lý do tôi mua rất nhiều từ eBay cho dù rủi ro hàng fake cực lớn.
  • Có 2 yếu tố: (1) độ hiếm – độc – lạ của hàng. eBay có rủi ro hàng fake nhưng cái đuôi của nó rất dài (tuy có những lúc tôi săn hàng hiếm đến eBay không có). (2) purchaser của dịch vụ phải biết các mua hàng.
  • Khi có nguồn hàng tốt thì tôi chấp nhận các rủi ro để mua hàng luôn: rủi ro hàng fake, rủi ro dịch vụ chăm sóc khách hàng không tốt. Gặp sự cố mà không xử lý được thì bye.
  • Chuyện evangelizing: khi cố thuyết phục đồng nghiệp mua hàng TMĐT, có một chị browse qua category sữa xong bĩu môi “chị ra Nguyễn Thông mua còn rẻ hơn”. Khi mà TMĐT chưa đủ quy mô (scale) hoặc chưa đủ vốn (như Rocket Internet) hoặc chưa có hậu thuẫn của tập đoàn (như Vin e-Com) để deal giá với nhà cung cấp thì bán hàng mà khách mua được qua kênh truyền thống không hiệu quả.
  • Tôi mua thường xuyên của: Adayroi, Tiki, Vinabook. Tính giá trị trung bình đơn hàng thì Lazada xếp nhất, mua đồ điện tử.

2. Chất lượng chăm sóc khách hàng

  • Đối với hầu hết người mua mainstream, khuyến mãi và/hoặc giá làm họ đặt đơn hàng đầu tiên. Chất lượng chăm sóc khách hàng làm họ quay lại mua các lần kế. Khi mua quen họ bỏ thói quen so sánh giá. Lãi đến từ khách hàng quay lại mua hàng; lần mua đầu tiên thì phải tốn nhiều chi phí.
  • Tôi đã từng cãi nhau bảo vệ các dịch vụ TMĐT rất mạnh mẽ cho đến khi bị NhomMua phũ không thèm xử lý sự cố với nhà cung cấp. Lúc đó NhomMua vừa công bố nhận đầu tư 60 triệu và vẫn cơm lành canh ngọt; thấy bị phũ là biết họ đang chạy doanh số và không đầu tư đủ vào chăm sóc khách hàng.
  • Các dịch vụ CSKH tốt đã dùng: 6ix, Adayroi, Chon, Hotdeal, Solo (VCCorp), Tiki, Vinabook, Vietnammm.

3. Thanh toán trực tuyến

  • Lý do cá nhân: Riêng tôi thì quyết định mua là tin tưởng rồi và không đề phòng nữa, thanh toán trước cho gọn. Thêm nữa là công việc của tôi không ở yên một chỗ nên thanh toán trước để người khác nhận giùm thôi khỏi COD. Lý do này không đại diện cho phần lớn khách hàng.
  • Như đã nói nhiều lần, chi phí COD giờ thấp hơn chi phí TTTT. Điểm tốt: logistics phát triển. Điểm không có lợi cho riêng tôi: TTTT (cụ thể là nhóm ngân hàng và dịch vụ liên quan ngân hàng như Banknetvn+Smartlink) tiếp tục không thèm quan tâm người bán và người mua nhỏ lẻ.
  • NganLuong làm được rất nhiều thứ nhưng quá ít người bán cắm, rất buồn.
  • Đây là một yếu tố rất yếu, nhưng nó quan trọng đối với một vài cá nhân.
  • Niềm vui là một vài ví dụ thành công: Sohapay (chạy trên nền OnePay) đã có volume tốt, Adayroi và nhiều bạn khác bảo có nhiều thanh toán qua thẻ tín dụng, Tiki kiên trì với OnePay và đẩy mạnh thanh toán thẻ tín dụng.
  • Có một mảng nữa là các cửa hàng buôn bán nhỏ lẻ bằng Facebook page và Instagram. Mua hàng phải chuyển khoản 50 – 100% giá trị món hàng, phí chuyển khoản liên ngân hàng người mua chịu. Rủi ro người mua chịu vì không có Escrow. Thị trường này có ai quan tâm không?

4. Giá

Giá nằm khá sâu ở dưới.

Sau ví dụ sữa Nguyên Thông ở trên thì xin phép cho thêm một ví dụ.

Tôi mua cái áo polo Lacoste giá $35 ở Saks Fifth Avenue, free shipping về kho của freight forwarder ở Mỹ, tiền vận chuyển California đến nhà tôi khoảng $7-8/kg. Lột hết bao bì ra, một kg được bao nhiêu cái áo.

Khi bán hàng chính ngạch thì phải chịu: thuế tiêu thụ đặc biệt 20% + VAT 10% + phí hải quan. Sau đấy là phí kho bãi, kiểm kê hàng hoà, vận hành…

Ví dụ khác: hàng xách tay Quảng Châu, hàng Thái, mỹ phẩm Hàn.

Đưa ví dụ để nói là trước mắt các bạn bán hàng chính ngạch rất khó đấu nhau bằng giá với các hàng xách tay. Thêm yếu tố chưa đủ scale để deal với nhà cung cấp ở phía trên vừa nói. Ngoài ra còn mấy bạn bán hàng từ CCchùa nữa.

Nên đối với riêng tôi thì nguồn hàng ngon trước rồi mới tính tới giá.

Kết lại

Như sếp Nguyen Tri Dat hay rủa “tao không bán hàng cho thằng Tài đâu”, nhu cầu của tôi không hề đại diện cho phần lớn khách hàng. Mà lâu lâu cứ se sẽ đề đạt nguyện vọng, mong có ai đó thèm quan tâm vậy.

Từ đây đến cuối năm còn đặt ít nhất 4 đơn hàng với Adayroi. Bạn bè rủa “mày có nhận tiền PR cho Vingroup không đấy?” Khổ thân, làm như dễ ăn tiền của xã hội lắm vậy. Trong nhiều thứ không mua được thì có thứ mua được nên khoe vậy thôi.

Switchboard function in Vietnam is consolidating

By , April 22, 2012 3:07 pm

The switchboard function of Banknetvn, Smartlink, VNBC are consolidating. According to this article, Smartlink and VNBC shall continue their services other than switchboard.

The "other services" include e-payment. What could this mean to the e-payment industry?

  1. This can buy some time for independent (i.e. non bank-based) e-payment service providers to speed up their customer acquisition.
  2. When freed from the switchboard business, Smartlink and VNBC can focus on providing e-payment services which would pose a threat to independent players.

All in all, I’d look forward to see more e-payment services, especially ones which connect core-to-core to banks.

Credit card is NOT a must in developing e-Commerce. Here is how:

By , March 15, 2012 5:37 pm

During Asia Pacific ICT Summit I received a question on development of e-Commerce and @opspecgsmb tweeted that it depends on credit card penetration.

Dependence on credit card never happened in China and it is not happening in Vietnam.

The situation in  Vietnam (which many Singaporeans may find different from that of their own country)

  1. Still a cash economy
  2. People love buying topup cards
  3. Bank card penetration is only 30% of the population
  4. It takes an urban Vietnamese 5 minutes to visit their local mom-and-pop shop
  5. Every household possesses personal vehicle
  6. It costs 50 cents to deliver goods from a warehouse to a location in the city
  7. Buyers haven’t trusted online transaction

Here are what e-commerce companies in Vietnam are doing:

  • Setup distribution network with local mom-and-pop shops, pavement stalls, internet café. Provide these agents with physical topup cards or web interface or SMS interface. Exploit (4)
  • Cash on delivery. Exploit (3)
  • Partner with post offices. Customers can pay at post offices.
  • Provide cash collection services

So customers don’t even need to have bank accounts to buy and trade online, not to mention credit cards.

Of course, it sounds primitive but that’s what’re happening while we wait for the adoption to hit critical mass.

Where is the role of technology?

We can use PayPal. There are also local PayPal clones with much lower fees. With a local bank debit card (I don’t even need a Visa/Mastercard), I can buy stuffs online and perform interbank transfer for free (at least free for now when companies are educating users).

The obstacle is buyers habit and problem of trust.

Groupon clones have helped buyers become more comfortable buying and paying online.

I’ll write a separate post on solving the problem of trust.

So that pretty much wraps up one point on infrastructure for e-commerce in Vietnam. If you’re interested please CLICK HERE to read more.

Cheers

The treasure named real identity

By , February 11, 2012 7:07 pm
  • Real identities is the next treasure
  • Anything can plug in existing collection of real identities: advertising, market research, insurance, education, real estate, recruitment, pension, legal services, public services… ANYTHING!
  • The current most relevant interface/facade for an identity is a profile on a social network
  • Facebook owns probably the most powerful publicly-acknowledged identity database. Facebook’s real-time data mining has been scarily accurate.
  • Google knows what we search. Facebook knows what we share & whom we connect to.

In Vietnam:

Entity

Real identities

Convertible identities

Telecommunication carriers Registered subscribers Unregistered subscribers
Banks Customers, with transaction information N/A
e-Commerce & e-Payment services Customer accounts, with transaction informatio Off-site transactions
FPT ADSL subscribers
Tien Phong Bank customers
Readers of VnExpress & digital products
Gamers
VNG 123mua & Zing Deal customers Gamers
Zing Me accounts
Zing News readers
VTC TV subscribers
Go accounts
Gamers
VCCorp e-Commerce (including MuaChung) customers Readers of content products
Soha accounts

How to fully utilize the potential of identity? This is a decade-long strategy.

Vietnam e-Commerce & e-Payment 2012 Outlook. Thương mại điện tử & thanh toán trực tuyến Việt 2012

By , January 22, 2012 6:09 am

Below is the Vietnamese version of my presentation at Open Consultant offline December 2011 on Vietnam e-Commerce Outlook in 2012.

Click here to read my English version. Please note that the English version is more updated.


Vietnam e-Commerce and e-Payment, 2012 Outlook, Open Consultant Offline December 2012

By , December 19, 2011 10:22 am

I gave a presentation on “Vietnam e-Commerce and e-Payment, 2012 Outlook” at Open Consultant Offline December 2012.

open consultant offline December 2011 vietnam e-commerce e-payment

You can view the slide here.


The live feed of the event is here

More information to be updated.

Have we been sleeping with the enemy COD for so long?

By , December 14, 2011 4:34 am

GOOD is the enemy of GREAT.

Jim Collins

cash on delivery 1. I hate COD (cash on delivery). My job requires me to travel frequently I’m not in my office for COD. Asking my colleague in the office to collect the items for me is very inconvenient because of the high frequency my purchases.

2. I’m flabbergasted and frustrated that when I expressed my personal desire that e-Commerce sites should support e-Payment to make my life easier, what I received was resistance from many e-Commerce service providers!

A common response was "you’re not in 90% of our customers".

I’m showing why this is a bad response.

3. BaoKim.vn is 100% free for merchants, and it shouldn’t be too difficult and time-consuming to integrate. I can use BaoKim. Instead of resisting (and showing the superiority of strategy to customers), why wouldn’t they just try integrating the service?

4. e-Payment is what (I believe) we aim to. However, since Vietnamese users have not developed the habit of online payment, e-Commerce service providers have learned to adapt with COD. COD, as we know it, is costly, inefficient, and risky (fraud orders) to merchants & service providers.

Do we want COD permanent here? I think no.

Have we learned to live (and suffer) with COD for so long that we take COD for granted, tend to guard COD as if it is the ultimate standard and resist e-Payment? Many e-Commerce practitioners give me the impression Yes.

We may agree that COD is good, at least for now. GOOD is the enemy of BETTER.

5. This is a minor point. Being an e-Commerce advocate, I understand how resistant Vietnamese buyers are, and I empathize with e-Commerce service providers. Please, my e-Commerce friends, don’t resist to even me.

6. Fortunately, I can prepay using e-Payment from my favorite e-Commerce service providers: eBay.vn / ChoDienTu.vn (NganLuong), tiki.vn (BaoKim / OnePay), WebSieuThi.vn (NganLuong), MuaChung.vn (Soha Pay aka MuaChungPay).

7. I am comfortable with OnePay, Soha Pay (running on top of OnePay), NganLuong, BaoKim. Sadly, Payoo, vnMart, vCash don’t directly support my bank.

8. I specifically wish the following merchants would support one of the 4 e-Payment services I’m comfortable with: NhomMua, Hotdeal, Vinabooks, CungMua. Disclosure: I’ve been buying over 3 million worth of vouchers from NhomMua in 2011.

cash on delivery cod

Updates on non-bank e-Payment services

By , December 7, 2011 3:31 pm
  • With over 50% transaction value on MuaChung.vn going through e-payment, Soha Pay now ranks second in the market in transaction value.
  • Soha Pay rebrands to MuaChungPay for, pragmatically, sales purpose.
  • From the e-commerce websites I have visited, I see NganLuong has been more efficient in building its merchant network compared to BaoKim. This comes as a surprise since BaoKim insists on being free to merchant and charging customers for guaranteed payment instead.
  • Payoo is expected to launch its cash-based offline payment solution with the technological and financial support from NTT Data

Also, one can use NganLuong & BaoKim to perform interbank transfer free of charge. This is how they are doing it

nganluong baokim bank

What are not "non-bank"?

The active solutions not included in this update include OnePay, Smartlink, VNBC and Banknetvn.

Being backed by banks is a tremendous advantage, putting these giants beside independent players would only dwarf the later so I am temporarily refrain from doing so.

How to charge your prepaid mobile account online

By , November 14, 2011 3:04 am

Assume you already created and activated your accounts with the following 4 services, and your Internet Banking ready with your bank account.

1. Click here: WebSieuThi.vn (the link is different from what it is shown, so just click on the link)

Pay via NganLuong.vn

The two advantages with paying with NganLuong is: (1) condition-free instantaneous (though technically manual) (2) currently free of charge. Technically, certain manual internal processes in NganLuong are required to balance different accounts, but why should users care anyway?!

On a side note, WebSieuThi offers online lottery which is unique to Vietnam e-commerce. When the service launches I’ll update another review.

2. Click here: MobiVi.vn

Pay via MobiVi’ account.

3. Click here: PayCode.com.vn

This is a service by Viet Union, the company owning Payoo.

Pay via Payoo account.

4. Click here: PayGate.vtc.vn

I have an issue with MobiVi’, Payoo and VTC paygate. My current main bank account is with TienPhongBank. However, neither of them connects to TienPhongBank, nor do they maintain a bank account with the bank.

Here are the steps I need to perform.

Interbank transfer via Internet Banking from my TienPhongBank account to a bank account of MobiVi / Payoo which costs me transaction fee (fixed VND8,800 for TienPhongBank). This goes through the same old interbank transfer channel. The transfer is processed by the staff or MobiVi’ system (hopefully) to my respective wallet.

When I transfer money 4:30pm Friday, I need to wait till Monday for money to come in my wallet.

The problem is solved with Payoo if you have a bank account with the banks in the first list of this link. The problem is also solved with MobiVi’ if you have a bank account with the 5 banks (VIB, Techcombank, Dong A Bank, Lien Viet Bank, Nam A Bank) that MobiVi’ connects core-to-core to. In these two cases, transfer is instantaneous. I am currently not having information on VTC paygate if the transfer to these banks is instantaneous, but my wild guess is not yet.

5. Click here: VnExpress eBank

Direct topup not going through any e-wallet, on the condition that you need to have Internet Banking or SMS Banking from VCB, TCB, VIB, EIB, MB, Vietinbank, HDbank, ACB, Sacombank

6. Click here: PinCode.vn

Supports NganLuong and BaoKim.vn.

Conclusion: I’ll just use whoever supports NganLuong.

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